Cosalt chairman provides £5m of working capital

THE chairman of Cosalt has made £5m of working capital available to the company with immediate effect.

David Ross provided the funding through his Oval company, which was established as a vehicle to buy the Grimsby-based business.

Cosalt said today that Mr Ross would be prepared to provide a further £5m of longer-term funding if his offer of £400,000 for the company was declared unconditional by December 22 and the facility had been repaid by that date.

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However, if the offer has not been declared unconditional, the board said it will to seek Oval’s agreement to an extension of the facility’s repayment date.

The £5m is available with immediate effect.

Mr Ross already owns 15 per cent of Cosalt’s shares and Oval has also received the backing of Sovereign Holdings which owns 18 per cent.

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